Former FTX CEO Sam Bankman-Fried has been found guilty of all seven charges leveled against him by a New York jury. The verdict came after approximately four hours of deliberations.
Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. Each of these crimes carries a maximum sentence ranging from five to 20 years in prison. The sentencing will be carried out by New York District Judge Lewis Kaplan on March 28, 2024. While government prosecutors will recommend a sentence, the final decision rests with Judge Kaplan.
Prosecution’s Perspective and Defense Statement on the Sam Bankman-Fried’s Trial
During a press conference outside the court, New York Southern District U.S. Attorney Damian Williams described Bankman-Fried’s actions as part of “a multibillion-dollar scheme designed to make him the king of crypto.” This case has been labeled one of the most significant financial frauds in American history. In response, Bankman-Fried’s attorney, Mark Cohen, expressed disappointment with the verdict, maintaining Bankman-Fried’s innocence. Cohen affirmed that Bankman-Fried would continue to vigorously fight the charges against him.
Several key FTX executives, including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering head Nishad Singh, have pleaded guilty to various charges and cooperated with the government, testifying against Bankman-Fried during the five-week trial. Sam Bankman-Fried, who had pleaded not guilty to all charges, took the stand to assert his innocence. He attempted to distance himself from key decisions and blamed other executives for the downfall of FTX, citing a series of “big mistakes” within the organization.